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Monday, October 10, 2016

4 Ways to Use InterAction IQ to Drive Business Development

Building strong client relationships is fundamental to the law firm business development process. Equally important is understanding who in the law firms owns these relationships and identifying opportunities to expose clients and prospects to additional resources in the firm.

“When you have 300 employees and can filter that information down to the 15 employees who have a “knows” relationship with a client or prospect, this becomes very valuable,” said Scott Winter, enterprise client engagement manager for LexisNexis, during a recent InterAction customer best practices webinar.

Now imagine taking this process to the next level by truly understanding the level of engagement with any contact or company within the firm based on frequency of contact, added Mr. Winter.

What he describes is how the IQ feature works which is fully integrated within the InterAction ecosystem.

According to Mr. Winter, here are four ways IQ can help law firms automatically collect, analyze and manage their client relationship data to drive business development:

Better Understand Client Engagements. On top of simply knowing who owns client relationships in the firm, IQ takes this analysis deeper by exposing the firm’s level of engagement with clients and prospects by looking at how frequently attorneys are communicating, replying and interacting with clients by giving the engagement a score. This is especially important if the firm is looking to land or expand business with a client or prospect. For example, using IQ an attorney can see which attorneys in the firm have the deepest relationships with key clients by looking at their level of engagement score. If another attorney is looking to land business with that client they will be able to determine which attorney is best suited to make the introduction. In other words, it helps attorneys understand how to provide the best client experience by helping attorneys more clearly understand their clients’ and prospects’ level of engagement with the firm.

Expose Potential Risks. Attorneys and law firm marketing professionals can use these IQ scores to see if the firm is potentially at risk of losing a client due to a lack of engagement with that client. From there, attorneys can put a plan in place to reengage that client and make introductions to the right resources with the firm.

Ensure Data is Fresh. Rather than relying on potential stale data, by using passive data capture, attorneys don’t need to do anything and IQ uses the freshest possible data available by automatically capturing email signatures blocks from attorneys’ inboxes and comparing them to the most recent contact data available in InterAction. It is important to note, IQ only captures the signature blocks of the contact emails and not the body of the content to ensure the utmost privacy. On top of this, attorneys have an option of marking a contact private or blocking a domain name, further adding a layer of privacy. Additionally, IQ can help detect whether an engagement has gone stale by visually identifying the lack of communications through IQ scores that can be seen throughout InterAction. In other words, IQ can help identify the relevant the “Knows” relationships while weeding out the stale “Knows” relationships.

Ensure Multiple Attorneys are Engaged with Clients. In addition, to providing insight as to the best contacts in the firm to make introductions for a potential upsell opportunity, IQ can also help the firm ensure more than one person attorney is engaged with a client, at all times. This way, if a person who is engaged with a client ever leaves the firm, the firm is not at risk of losing that client because other attorneys are also engaged with the client and can step in, as needed.